Marvell: Q/1 Results “Were At The High End”
Bermuda-domiciled Marvell Technology Group Ltd., a global leader in integrated silicon solutions, reported financial results for the first quarter of fiscal year 2014, ended May 4, 2013.
Revenue for the first quarter of fiscal 2014 was $734 million, a five percent sequential decrease from $775 million in the fourth quarter of fiscal 2013, ended February 2, 2013, and an eight percent decrease from revenue of $796 million in the first quarter of fiscal 2013, ended April 28, 2012.
GAAP net income for the first quarter of fiscal 2014 was $53 million, or $0.11 per share (diluted), compared with GAAP net income of $50 million, or $0.09 per share [diluted], for the fourth quarter of fiscal 2013, and $95 million, or $0.16 per share [diluted], for the first quarter of fiscal 2013.
Non-GAAP net income was $98 million, or $0.19 per share [diluted], for the first quarter of fiscal 2014, compared with non-GAAP net income of $104 million, or $0.19 per share (diluted), for the fourth quarter of fiscal 2013, and $139 million, or $0.23 per share [diluted], for the first quarter of fiscal 2013.
“Our results in the first quarter were at the high-end of our guidance mainly due to better than normal seasonal demand and share gains in our storage and networking end markets,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “Starting in the second quarter of fiscal 2014, we expect many of our investments and key initiatives across all of our end markets to produce tangible results. More specifically, we expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity and SSDs.”
Read More About
Category: All, Business, technology
